Red line- resistance (broken)
Blue line- support
green line- Fibonacci extension target
GBPUSD is in a short-term bullish trend making higher highs and higher lows. Price has broken above the horizontal resistance at 1.1650 and continues respecting the upward sloping support trend line from 1.09. Price has broken to new short-term highs and is heading towards our target of 1.20 we mentioned in previous posts. Short-term support is at the broken resistance of 1.1650 and next at the blue trend line at 1.13. As long as price is above these levels, bulls have the upper hand. We might see a pull back in the near term as short-term indicators are at overbought levels, but overall we believe this upward move has still more upside.
